Borrow up to $2,000 from one of Australia's most established short term lenders.
If you're in need of financing and want to be sure you're borrowing from a trusted lender, you might want to consider a personal loan from Cash Converters. It's been in the lending business since 1984, and now Cash Converters is offering a personal loan that you can conveniently apply for online. Whether you need funds to cover an unexpected expense, you didn't budget well enough to see you through the month or if you need to make a large purchase, Cash Converters has a loan that you might be eligible for.
|Product Name||Cash Converters Personal Loan|
|Min Loan Amount||$400|
|Max. Loan Amount||$2,000|
|Loan Term||Up to 12 months|
|Turnaround Time||24 - 48 hours|
|Total Cost of Borrowing $100||20% establishment fee + 4% monthly fee|
|Requirements||You must be over 18 and have a steady income of at least $300 per week|
|Available to Centrelink borrowers||Yes|
How does a Cash Converters Personal Loan work?
This loan is available for a longer term than what is on offer with similar products. You can apply for up to $2,000 and repay it over a period of up to 12 months. You'll need to pay a fee to establish the loan and also ongoing monthly costs.
Features of a Personal Loan from Cash Converters
- Fast application. The online application process is quick and can be completed in about five minutes.
- Loan amount. You can apply for a loan between $400 and $2,000.
- Quick turnaround. After you've signed your electronic loan contract, you will be sent your funds. If you bank with one of the Big Four you can receive your loan amount within a few hours, and by the latest the next business day.
- How long you have to repay it. Repayment terms vary depending on your individual loan contract, but your loan will be repaid over a period of 6 months to 12 months.
Compare other payday loans
Whilst we don't compare Cash Converters Personal Loan directly, here are some other loans that are similar.
How much does it cost to borrow?
Cash Converters Personal Loans come with a 20% establishment fee + 4% monthly fee. The longer you take to repay the loan, the more you'll end up paying in monthly fees. If you fail to make your repayments on time, a dishonour fee of $33 applies. There are no additional daily fees and no rescheduling fees.
Are you eligible for a Cash Converters Personal Loan?
Each loan application is assessed by a representative from Cash Converters, who will establish your ability to repay the loan. The minimum eligibility criteria are that you are over the age of 18 and reside in Australia, whereas everything else is judged on a case-by-case basis.
- If you receive Centrelink payments: You can apply if you receive Centrelink payments, but what you borrow may be limited so that your repayments in any period do not exceed 25% of your gross income. This includes repayments to other lenders as well as the new loan you're applying for from Cash Converters.
- If you're in a Part 9 Debt Agreement: You aren't eligible for a Cash Converters Personal Loan. However, if you have been successfully discharged from a Part 9 Debt Agreement you are able to apply.
- If you're not an Australian resident: You're able to apply for this product if you're a resident or a 457 Visa holder. You aren't eligible for the Cash Converters Personal Loan if you aren't a resident, but you are eligible to apply for a Cash Converters Cash Advance in-store.
- If you have bad credit: Cash Converters will consider your current financial situation when you apply, but are generally more lenient than the banks when it comes to bad credit. If they see you will be able to manage your loan, your application will be considered.
- If you're a casual employee: You need to earn at least $300 per week in order to be assessed, but you can still apply for a Cash Converters loan.
How you can apply
You can apply for a Cash Converters Personal Loan in-store or online. Applying is easy and the form shouldn't take longer than five minutes. To be eligible, you need to be over the age of 18 and reside in Australia. Have the following on hand to complete your application:
- Your bank account history for the last 90 days where your income is deposited into
- A copy of your Medicare card
- If you receive Centrelink payments, you'll need a current income statement.
Once you've filled out the application form, Cash Converters will check the information and see if you fit their lending criteria. If you're approved, you'll be sent an electronic loan contract, and once you've signed it your loan amount will be transferred to you within 24 - 48 hours.